1.02 Guided notes- Financial

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Last updated 10:37 PM on 8/30/26
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10 Terms

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Wage

You are trading your time for money; if you work more hours, you earn more money.

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Salary

You are trading your time for a flat fee, receiving the same amount regardless of the hours worked.

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Gross Income

The total amount you earned before the government takes taxes.

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Net Income

Also known as take home pay; the actual cash that lands in your pocket.

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Needs (The 'Must-Haves')

Essential costs; without these, your life changes drastically.

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Wants (The 'Nice-to-Haves')

Costs that make life fun but are not necessary for survival.

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Expenses

The money that disappears from your net income, categorized into needs and wants.

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Savings

Money left over when your net income is higher than your expenses.

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The Golden Equation

Net Income - Expenses = Savings.

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Building Wealth

Occurs when the result of the Golden Equation is a positive number.